Interest Free Loan with 25% Cash Back Scheme
What does the scheme offer?
The Scottish Government is making available interest free, unsecured loans of up to £15,000 to householders for installing a variety of measures such as solid wall insulation, double glazing or a new boiler. Landlords with multiple properties are eligible for up to £100,000 in total.
For a limited time, householders are eligible to receivecash back of 25% of their quoted costs, up to a maximum of £3,750. Applicants must be able to complete works and claim funding by 10th March 2017 to benefit from this offer.
Here is how it works.
1. The interest free loan funds 75% of the cost for the improvements.
2. The cash back pays for the 25% balance. The cash back is a 25% grant towards making your home more energy efficient.
If the loan is for under £5,000 you can take choose a repayment time period of up to 5-years. If the loan amount is greater than £5,000 you can spread the repayments over up to 10-years.
What improvements could you make with an interest-free loan?
Max Loan ValueSolid wall insulation / £10,000
Loft, cavity and under floor insulation / £1,000
Flat roof or room in roof insulation / £4,000
Gas, LPG and oil boilers, warm air units and electric storage heaters / £5,000
Double/triple glazing, secondary glazing and insulated doors / £4,500
Secondary Measures
If installing at least one of the primary measures, you can installthe following secondary measures: cylinder thermostat; draught proofing; waste water heat recovery system; flue gas heat recovery system; hot water tank jacket; heating controls. Loans of up to £500 per measure are available to help with financing any secondary measures.
Who is the scheme for?
The loan scheme is open to owner occupiers and registered private sector landlords in Scotland. The repayment period varies based on the amount you intend to borrow but those taking out higher value loans will be able to pay back over 10 years.